By Brazil Stock Guide – MRV Engenharia e Participações SA (MRVE3) agreed to sell two legacy developments in Texas for $139 million, advancing a divestment plan aimed at cutting debt and simplifying operations.
The Brazilian homebuilder said in a market notice that it signed a purchase and sale agreement for Ten Oaks and Rayzor Ranch, both in the US state of Texas. Settlement is expected in July 2026, and the transaction is backed by a $12 million non-refundable deposit.
MRV said the sale will reduce MRV&CO’s consolidated net debt by 7.5%, or $87 million, equivalent to R$448 million based on the exchange rate used by the company. It will also lower minority interest by $46 million, or R$237 million.
The assets are being sold at a 26% accounting loss to book value, according to MRV. The company said the divestment comes as US interest rates remain high, with expectations of further increases, and as the projects’ net operating income has not stabilized because occupancy and rental levels remain below their potential.
Rayzor Ranch has a book value of $66 million and is being sold for $53 million, implying a 20% loss. Ten Oaks has a book value of $122 million and is being sold for $86 million, a 30% loss. Together, the two assets have 80% occupancy and a combined book value of $188 million.
The company said only one legacy Resia project remains after the transaction: Memorial, with a book value of $109 million. MRV said it intends to sell that asset still in 2026.
MRV also said it expects an accounting gain from the future sale of Golden Glades, which has a book value of $133 million, and North City, a nearly completed project that is not consolidated on its balance sheet.
Since announcing its deleveraging plan in December 2024, MRV said it has reached $380 million, or R$2 billion, in asset sales.
The company said the Resia divestment plan, reaffirmed at MRV Day, is expected to bring operational simplification, lower risk and greater predictability in results and cash generation for MRV&CO.
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